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This Week’s Summary

• The cryptocurrency market looks to end the week at a total market capitalization of $1,165 trillion.
• Bitcoin rose by over 2% during a roller-coaster of a week.
• Ethereum decreased by almost 1% over the past seven days.
• XRP gained more than 15% in value this week.
• Almost all altcoins have been trading in the green, with very few exceptions.
• The DeFi sector decreased the total value of protocols (TVL) to around $49 billion.

Cryptocurrency Trends for the Week of March 20-26, 2023: Market Analysis and Performance

The cryptocurrency market continued to perform spectacularly despite the disasters seen in other financial markets, such as the banking sector. Another major scare shocked the banking world this week when UBS saved former giant Credit Suisse from bankruptcy for almost $3.3 billion.

The news rippled in volatility waves across the financial landscape. Nevertheless, it barely rocked the crypto boat as only a handful of assets seesawed slightly for a few hours. Most of them returned in the green before the weekend began. Meanwhile, the market capitalization dropped by around $20 billion but remained firmly above the $1.1 trillion level.

Bitcoin started the week rather well, as it surged to almost $29,000 at one point. The banking sector debacle affected it for nearly a day, causing a $2,000 loss. However, the crypto king quickly recovered and sprung back to $28,000, where it has been seen trading recently.

Ethereum did not manage to recover as fast as BTC from the lousy news traveling through the cryptocurrency market. The second crypto in command lost around $200 of its trading value, less than 1%. In fact, it has recently been seen trading in the red at around $1,770. However, it will likely pick up in the coming days.

Altcoins & DeFi

Almost all the altcoins have been trading in the green and boasting significant increases. For example, XRP moved up by 15% and has been getting closer to the $0.5 price again. Meanwhile, Cardano moved up by 5%, Dogecoin by 1%, Litecoin by 12%, and Chainlink by 2%.

However, not everything is rosy for the top 20 cryptocurrencies by market cap. For instance, BNB moved down by 4%, Polygon by 7%, Solana by 3%, and Polkadot by 6%. The same goes for Shiba Inu, TRON, and Avalanche, each down by around 3%.

The Metaverse sector does not share the same sentiment as the risers of the crypto market. For instance, Theta Network moved down by 3%, Axie Infinity by 8%, and Decentraland by 7%. Meanwhile, ApeCoin decreased by 4%, ICP by almost 8%, and The Sandbox by 7%. Last week’s surprising overachiever, Stacks, came down from a 100% high with a 12% drop in value.

The DeFi sector lost nearly $0.5 billion from the total value in locked protocols (TVL), now at almost $49.82 billion.

What’s in the News?

• The SEC sent Coinbase a wells notice regarding its listing of unregistered securities.
• Telegram has integrated Tether (USDT) payments on the Tron network.

Next Week’s Crypto Market Forecast

The cryptocurrency market has been showing excellent resilience in front of the storm ravaging the banking sector. The continuous news and rumors about financial organizations facing bankruptcy would have had a terrible impact on cryptocurrencies last year. However, the crypto market is stronger this year, with multiple assets defying the financial crisis. Hopefully, this trend will continue for the year’s remainder and beyond.

About the Author

Born and raised in Romania, and currently living in Spain, the author discovered a knack for writing from a tender age, and even won some minor awards for fiction that didn't pay much.

Iulian became a content writer in 2011, and he is still doing it to some degree of success today. He is currently specialized in cryptocurrencies, technology, online marketing, and social media. In his free time, Iulian likes reading, traveling, and watching sports. His dream is to see Bitcoin reach $100,000 just so he can tell his friends “I told you so!”

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